Web3 Startup Trends
2024 Trends Report based on XFounders Bootcamp Application Process
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Explored
Startups
Raised $1M+
Startups
Raised $1M+
XFounders is a startup accelerator that hosts month-long offline bootcamps powered by top-tier ecosystems. This year, we received hundreds of applications for our go-to-market program, tailored specifically for web3 seed-stage startups.
From this extensive pool of applicants, we selected web3 startups that have secured over $1 million in external funding. In this report, we outline the trends uncovered from the application data and invite to discuss what these patterns might signify for the broader startup ecosystem.
From this extensive pool of applicants, we selected web3 startups that have secured over $1 million in external funding. In this report, we outline the trends uncovered from the application data and invite to discuss what these patterns might signify for the broader startup ecosystem.
- What type of products are startups building?
Nearly a third of Web3 startups focus on DeFi (28%), highlighting the dominance of financial innovation in the space. Real-world assets (19%) and gaming (13%) follow as key verticals, with payments (9%), social platforms (9%), and decentralized physical infrastructure (8%)
2. Where are the startups located?
Europe (20%), UAE (17%), USA (17%), Singapore (10%), and South America (6%) are the top five regions where Web3 startups are building today, highlighting a global spread of innovation across diverse markets.
Europe (20%), UAE (17%), USA (17%), Singapore (10%), and South America (6%) are the top five regions where Web3 startups are building today, highlighting a global spread of innovation across diverse markets.
3. How many co-founders do Web3 startups typically have?
Nearly 40% of Web3 startups are led by solo founders, while 38% have two co-founders. The remaining 22% are driven by teams of three or more co-founders, highlighting the collaborative nature of many projects.
Nearly 40% of Web3 startups are led by solo founders, while 38% have two co-founders. The remaining 22% are driven by teams of three or more co-founders, highlighting the collaborative nature of many projects.
4. What percentage of Web3 founders graduated from top-ranked universities?
A significant portion of Web3 founders come from highly ranked universities, with 19% being alumni of top-100 universities and an additional 16% from universities ranked between 101 and 500 (according to QS World University Rankings 2024).
A significant portion of Web3 founders come from highly ranked universities, with 19% being alumni of top-100 universities and an additional 16% from universities ranked between 101 and 500 (according to QS World University Rankings 2024).
5. How many Web3 founders had prior experience with Web3 products before starting their projects?
The majority of Web3 founders (66%) had prior experience working with Web3 products before starting their projects, indicating a strong foundation in the space. However, 34% of founders entered Web3 without prior hands-on experience, suggesting that the ecosystem remains accessible to newcomers with innovative ideas.
The majority of Web3 founders (66%) had prior experience working with Web3 products before starting their projects, indicating a strong foundation in the space. However, 34% of founders entered Web3 without prior hands-on experience, suggesting that the ecosystem remains accessible to newcomers with innovative ideas.
6. What percentage of Web3 founders are first-time entrepreneurs?
The majority of Web3 founders (69%) had previously founded a startup, showcasing their entrepreneurial experience and familiarity with building businesses. Meanwhile, 31% are first-time founders.
The majority of Web3 founders (69%) had previously founded a startup, showcasing their entrepreneurial experience and familiarity with building businesses. Meanwhile, 31% are first-time founders.
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